Burnsville Land Community, Inc. Burnsville, NC Yancey County

Partners: Industry BB&T Center for Participatory Change CRA-NC NC Housing Coalition

Partners: Faith Community Catholic Campaign for Human Development Jesuits of WNC, Maryland Province Presbyterian Self Development of People Sacred Heart Catholic Church (Burnsville) Sisters of Mercy, Cincinnati Region

Partners: Foundation Fund for Democratic Communities Mary Reynolds Babcock Foundation The Conservation Fund Z. Smith Reynolds Foundation

Partners: Community Celo Community, Inc. Cooper Blvd. Support Network Glen Raven, Inc. Vecinos Unidos

Community Profile 14 families 59 people – 27 adults and 32 children 10% U.S. 90% Mexico Median Income = $17,670 Median Household size = 5 persons

Property 8 acre parcel –3 acres inside town limits –5 acres in county 14 mobile home units

Property Zoning – M.H. on individual lots prohibited 2.5 acres open space: 25%-30% slopes with natural drainage area 1.75 units per acre Topography – moderate to steep slopes

Water Public water Town is responsible for water system up to individual meters

Sewer Public sewer BLC is responsible for sewer system inside park Aging with PVC pipe and older orangeburg pipe –Locations and depths unknown –Sizing inadequate –Designed for RV park

Acquisition Appraised Value:$318,000 Purchase Price:$300,000 – $37,500 per acre

Bridge Financing BB&T (24 mo., interest-only): $200,000 CRA-NC (24 mo., 0%): $100,000

Predevelopment Financing The Conservation Fund (grant):$ 7,000

Resident Contributions Equity$ 1,000 Rent Increase$ 50/month $ 8,400/12 mo.

Permanent Financing FHLB-AHP Refinance Package – $160,000 loan – $140,000 grant

Operations Unit/Month Rental Income: $ 200 Utilities Paid by Residents: $ 35 Rental Collection (12 mo.): 99.7%

Expenses Unit/Year Expenses (incl. utilities):$ 1,550 Reserves: $ 250

BARRIERS Cultural Language Literacy Education Financing Industry acceptance of M.H. and CLT

Kevin J. Drexel Asheville, NC Voice: (828)